Automotive Macliver Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03265846 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

AUTOMOTIVE MACLIVER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K Macliver

Mrs C Macliver

SECRETARY:

Mr K Macliver

REGISTERED OFFICE:

Elm House

Belle Walk

Moseley

Birmingham

B13 9DF

REGISTERED NUMBER:

03265846 (England and Wales)

FIXED ASSETS

Intangible assets

4

125,981

133,678

Tangible assets

5

30,831

11,553

156,812

145,231

CURRENT ASSETS

Stocks

154,219

133,319

Debtors

6

423,815

260,142

Cash at bank

6,297

3,257

584,331

396,718

CREDITORS

Amounts falling due within one year

7

384,234

351,583

NET CURRENT ASSETS

200,097

45,135

TOTAL ASSETS LESS CURRENT LIABILITIES

356,909

190,366

CREDITORS

Amounts falling due after more than one year

8

(350,521

)

(343,262

)

PROVISIONS FOR LIABILITIES

-

(117

)

NET ASSETS/(LIABILITIES)

6,388

(153,013

)

CAPITAL AND RESERVES

Called up share capital

193,816

193,816

Share premium

10

607,064

607,064

Retained earnings

10

(794,492

)

(953,893

)

SHAREHOLDERS' FUNDS

6,388

(153,013

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 July 2018 and were signed on its behalf by:

Mr K Macliver - Director

Mrs C Macliver - Director

1.	STATUTORY INFORMATION

Automotive Macliver Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. Continuing to trade depends upon the

support of the company's shareholders and loan creditor. Should the company be unable to continue to trade,

adjustments would have to be made to reduce the assets to their recoverable amount, to provide for any further

liabilities which may arise, and to reclassify fixed assets as current.

REVENUE RECOGNITION

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice

value.

The company supplies products to customers from its manufacturing site, under standard terms and conditions.

In all cases revenue is recognised when the risks and rewards of ownership are transfered and this is defined to

be on placement of the order. The relevant costs for the manufacture of the product are also included in full as at

this point.

INTANGIBLE FIXED ASSETS

Amortisation is provided on the intangible fixed assets on a straight line basis over 20 years.

This estimate was updated in the period to 31 March 2016, where the useful economic life of the patent was

updated from 10 years. Upon the change in accounting estimate, amortisation is charged on a straight line basis

over the remaining useful life of the intangible.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2017

and 31 March 2018

162,500

AMORTISATION

At 1 April 2017

28,822

Charge for year

7,697

At 31 March 2018

36,519

NET BOOK VALUE

At 31 March 2018

125,981

At 31 March 2017

133,678

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2017

30,542

11,324

27,104

68,970

Additions

9,678

15,050

2,937

27,665

At 31 March 2018

40,220

26,374

30,041

96,635

DEPRECIATION

At 1 April 2017

25,116

6,335

25,966

57,417

Charge for year

3,021

4,008

1,358

8,387

At 31 March 2018

28,137

10,343

27,324

65,804

NET BOOK VALUE

At 31 March 2018

12,083

16,031

2,717

30,831

At 31 March 2017

5,426

4,989

1,138

11,553

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

5,533

Additions

15,050

At 31 March 2018

20,583

DEPRECIATION

At 1 April 2017

3,941

Charge for year

4,008

At 31 March 2018

7,949

NET BOOK VALUE

At 31 March 2018

12,634

At 31 March 2017

1,592

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

423,815

260,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

31,985

16,253

Hire purchase contracts

3,298

-

Trade creditors

171,537

107,412

Taxation and social security

2,227

2,449

Other creditors

175,187

225,469

384,234

351,583

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

7,704

-

Other creditors

342,817

343,262

350,521

343,262

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

342,817

343,262

Included within other loans are amounts of £276,774 received from the shareholders of the company.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

31,985

16,253

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2017

(953,893

)

607,064

(346,829

)

Profit for the year

159,401

159,401

At 31 March 2018

(794,492

)

607,064

(187,428

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

Mr K Macliver

Balance outstanding at start of year

82,755

(4,293

)

Amounts advanced

217,606

206,223

Amounts repaid

(151,867

)

(119,175

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

148,494

82,755

12.	RELATED PARTY DISCLOSURES

During the year the company paid Environmental Macliver Limited £64,642 (2017: £39,694) in administration

charges. At the year end there was a balance of £6,948 (2017: £61,597) owed to Environmental Macliver

Limited. Mr K Macliver and Mrs C Macliver are both directors and Mr K Macliver is the majority shareholder

of Environmental Macliver Limited.

During the year the company paid £95,952 (2017: £67,427) in royalties for use of the Multi Mac design.

Mr KS Macliver has provided a personal guarantee to the holders of the other loans; this is limited to £179,624.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr K Macliver by virtue of his majority shareholding and directorship.